U.S. Commercial Service opens 12 American Business Corners in India

It outlines ongoing bilateral mechanisms and specific initiatives in sectors such as aviation, technology, and antitrust cooperation.

Who it concerns: The agreement involves the governments of India and the United States, specifically engaging the Indian Ministry of Finance, U.S. Treasury, central banks, and financial regulators. It affects private sectors including aviation, information and communication technology (ICT), infrastructure, energy, life sciences, and education. Specific entities named include the Competition Commission of India (CCI), U.S. Department of Justice, Federal Trade Commission (FTC), U.S. Trade and Development Agency, and the U.S.-India Business Council (USIBC).

What was agreed

• Reaffirmed that annual two-way trade is more than $100 billion and total two-way foreign direct investment is nearing $30 billion.
• Continued Bilateral Investment Treaty (BIT) negotiations, with both sides looking to move forward.
• U.S. Trade and Development Agency to sponsor the fourth India-U.S. Aviation Summit in October 2013.
• Information and Communication Technology Working Group (ICTWG) to meet in Washington later in 2013 to discuss equipment security, cloud computing, and manufacturing incentives.
• Placement of an FTC economist at the Competition Commission of India (CCI) in August 2013.
• India-U.S. CEO Forum meeting scheduled for July 12, 2013, in Washington to develop joint initiatives in infrastructure, aviation, clean drinking water, and renewable energy.
• Renewal of expert-level discussions under the Trade Policy Forum (TPF) to prepare for the next ministerial-level meeting later in 2013.

Also in the document

• Maryland Governor Martin O’Malley’s trade mission resulted in new commercial deals in education, technology, life sciences, and energy with a combined value of more than $60 million.
• The U.S. Commercial Service has opened 12 American Business Corners in India to facilitate economic engagement with urban centers.
• A Memorandum of Understanding on Antitrust Cooperation was signed in September 2012 between Indian and U.S. agencies to ensure open and competitive markets.